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HomeMy WebLinkAboutECHDA24-04 Application Letter_Eagle Villas Eagle County Housing and Development Authority Matt Scherr, Chair 970-328-8605 www.eaglecounty.us 58340733.2 March 1, 2024 Colorado Department of Local Affairs Office of Housing Finance and Sustainability 1313 Sherman Street Denver, Colorado 80203 Attention: Mr. Andrew Paredes Re: Statewide Balance Application for Private Activity Bond Ceiling Allocation by the Eagle County Housing and Development Authority for the Eagle Villas Project; Carryforward of Private Activity Bond Ceiling Allocation Ladies and Gentlemen: Under Section 24-32-1709 of the Colorado Private Activity Bond Ceiling Allocation Act (the “Allocation Act”), the Eagle County Housing and Development Authority (the “Authority”), as an “issuing authority” under the Allocation Act, has applied for an allocation of up to $13,200,000 of the State of Colorado’s 2024 statewide balance on behalf of Ulysses Development Group or an affiliated entity (the “Sponsor”) to support the Eagle Villas Project in Eagle, Colorado. Pursuant to Section 24-32-1709(2) of the Allocation Act, the Authority hereby notifies the Department that the Authority has allocated such $13,200,000 to a carryforward purpose described in the inducement resolution attached hereto, and that the Authority desires to treat such allocation as an allocation for a “carryforward purpose” as such term is defined in the Allocation Act. Attached to this notification are the following: 1. Exhibit A containing the information required by Section 24-32-1709 of the Allocation Act with respect to the allocation. 2. Certified copy of the inducement resolution. 3. Preliminary bond counsel opinion required by Sections 24-32-1709(1)(g) and 24- 32-1709(2)(d) of the Allocation Act with respect to the statewide balance application and carryforward allocation. 4. Certification of an official of the Authority and a representative of the Sponsor as to the issuance of bonds within the carryforward period pursuant to Section 24- 32-1709(2)(d) of the Allocation Act. DocuSign Envelope ID: 44A517B2-18C3-40DE-BCF0-E06E83D36DCE Colorado Department of Local Affairs Mr. Andrew Paredes March 1, 2024 Page 2 58340733.2 Please advise us if you require any additional information with this notification. Very truly yours, EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY By:_________________________________ Name:______________________________ Title:_______________________________ cc: Blaise Rastello, Ulysses Development Group Steve Johnson, Colorado Housing and Finance Authority Heather Schell, Esq., Colorado Housing and Finance Authority Cory Kalanick, Esq., Sherman & Howard L.L.C. Attachments DocuSign Envelope ID: 44A517B2-18C3-40DE-BCF0-E06E83D36DCE Matt Scherr Chair, Board of County Commissione Eagle County Housing and Development Authority Matt Scherr, Chair 970-328-8605 www.eaglecounty.us 58340733.2 EXHIBIT A 1. Issuing Authority: Eagle County Housing and Development Authority 2. Address: 500 Broadway PO Box 850 Eagle, CO 81631 3. Issuing Authority official: [__________] 4. Bond counsel: Cory G. Kalanick, Esq. Sherman & Howard L.L.C. 675 Fifteenth Street, Suite 2300 Denver, Colorado 80202 5. Principal amount of bonds to be issued: To be determined, of which the Authority has applied for an allocation of up to $13,200,000 of the State of Colorado’s 2024 statewide balance. 6. Project: The issuance of bonds to finance “qualified residential rental projects” as described in Section 142(a)(7) of the Internal Revenue Code of 1986, as amended, to support the acquisition, rehabilitation and equipping of the Eagle Villas project in Eagle, Colorado. 7. Initial owner, user or beneficiary of the Project: Ulysses Development Group or an affiliated entity (the Sponsor). 8. Classification of carryforward purpose: Issuing exempt facility loan bonds (Internal Revenue Code, Section 146(f)(5)(A)). 9. The information required by Section 146(f)(2) of the Code is set forth in paragraphs 6 and 8 above. 10. Additional information: The Authority, as an “issuing authority” under the Allocation Act, is submitting this statewide balance application on behalf of the Sponsor. The Authority hereby makes an election for a carryforward purpose in order to support the bonds for the Project expected to be issued in 2024. The Authority may delegate such volume cap to another issuing authority to support the Project. DocuSign Envelope ID: 44A517B2-18C3-40DE-BCF0-E06E83D36DCE